估值涨109倍！雷军控制公司参股！再战IPO！

Core Viewpoint - Ningbo Haishangxian Information Technology Co., Ltd. (referred to as "Haishangxian") has re-submitted its application for a mainboard listing on the Hong Kong Stock Exchange, with a focus on its main product, frozen squid, and has seen its valuation increase approximately 109 times over 7 years and 4 months [1][8]. Company Overview - Established in 2015, Haishangxian is a major provider of digital solutions and services for the marine fishery industry in China. The company launched the intelligent HSX APP shortly after its inception, which has evolved into a data-driven B2B marine fishery market platform, creating a vast ecosystem that includes fishermen, seafood processors, seafood vendors, and fish traders. As of August 31, 2025, the platform has over 50,000 registered users [3][10]. Industry Context - The marine fishery industry in China is expected to grow at a compound annual growth rate (CAGR) of approximately 2.9%, reaching about 40.2 million tons by 2029. The industry is fragmented, dominated by small-scale and individual fisheries, facing challenges such as information asymmetry, low process efficiency, significant resource waste, and weak market responsiveness. Rising fuel prices and extended travel distances have increased operational costs, while insufficient maritime cellular network coverage hinders real-time market data access [4][11]. Business Model and Services - Initially, Haishangxian provided seafood order matching services through its proprietary real-time order matching algorithm in the HSX APP, facilitating transactions between fishermen and seafood buyers, earning commissions based on transaction amounts. Starting in November 2023, the company shifted its focus to seafood self-operation and aims to provide higher service levels for bulk orders, typically negotiating prices directly with fishermen [12][5]. Financial Performance - From 2022 to 2024, Haishangxian reported revenues of 1.427 billion yuan, 914 million yuan, and 1.006 billion yuan, with net profits of 34.12 million yuan, 35.80 million yuan, and 43.86 million yuan, respectively, indicating fluctuating revenues but consistent profit growth. In the first eight months of 2025, the company achieved revenue of 579 million yuan, a year-on-year decrease of 7.66%, while net profit rose by 897.48% to 38.43 million yuan [6][13]. Ownership Structure - The company has undergone six rounds of financing since its establishment, with the latest D round in August 2022, resulting in a post-investment valuation of approximately 1.53 billion yuan. The ownership structure includes significant stakes held by the executive director and chairman Ye Ning (18.39%), as well as other key stakeholders such as Zhuoer Zhiliang (18.21%) and Hangzhou Shunying (10.66%) [7][14].